Words Jessica O’Brien Cameron
Wealth Advisor, Portfolio Manager, CIBC Wood Gundy
As the year is coming to a close, many organizations take this opportunity to reflect on their impact and consider ways to give back. The holiday season makes this a particularly meaningful time to explore charitable contributions. For businesses, thoughtful corporate giving can offer a host of benefits.
Boosting Employee Engagement
Corporate giving programs can foster a sense of pride among employees. When staff members see their employer actively contributing to meaningful causes, they are more likely to feel engaged and motivated.
Studies have shown that companies with strong corporate social responsibility programs experience higher employee satisfaction and lower turnover rates1.
Our team directed Miracle Day Funds to the Saanich Peninsula Hospital and Healthcare Foundation, enabling the purchase of a pediatric dental cart.
This experience not only supported a meaningful cause but also served as a valuable team-building opportunity, allowing us to see the positive impact our contribution made in the community.
Strengthening Community Relationships
Corporate giving helps build stronger relationships with your community. By supporting local charities or events, companies can create goodwill and foster partnerships that benefit both the business and the community. These relationships can lead to new business opportunities and improved community relations.
Tax Advantages
While the primary motivation for corporate giving should be genuine social impact, there are also financial incentives. There are potential tax deductions or credits for charitable contributions, providing a direct benefit to the company’s bottom line. It’s important, however, to consult with tax professionals.
Corporate giving is an investment in a company’s workforce and community. Doing good is good business!
1. Harvard Business School Online’s Business Insights Blog, https://online.hbs.edu/blog/post/corporate-social-responsibility-statistics. This information, including any opinion, is based on various sources believed to be reliable, but its accuracy cannot be guaranteed and is subject to change. CIBC Private Wealth consists of services provided by CIBC and certain of its subsidiaries, including CIBC Wood Gundy, a division of CIBC World Markets Inc. The CIBC logo and “CIBC Private Wealth” are trademarks of CIBC, used under license. “Wood Gundy” is a registered trademark of CIBC World Markets Inc. Individuals are advised to seek advice regarding their particular circumstances from their personal tax and legal advisors. If you are currently a CIBC Wood Gundy client, please contact your Investment Advisor.
